Though the February JOLTS report generally moved in the right direction, data on hires, quits, and layoffs shows that most of the levels are still very weak. One exception to that is layoffs: After increasing dramatically from the start of the Great Recession through the spring of 2009, layoffs began to drop quickly and have actually been at pre-recession levels since the fall of 2010. However, hiring remains very depressed, currently 15.5 percent below its 2007 average. And given that hiring is so low, it is unsurprising that the number of voluntary quits … is also currently very depressed, now 27.6 percent below its 2007 average.
The Center for Economic and Policy Research depicts the extent to which if the United States “enjoyed comparable health care cost to these [wealthy] countries, we actually would look ahead to budget surpluses rather than deficits.”